Kuwaiti Operators Look Abroad For Growth

May 2007 | Company Finance Alert

Kuwait's two mobile operators, MTC and Wataniya have both reported impressive growth for the first quarter of 2007. Market leader MTC announced revenue growth of 88% y-o-y to US$1.36bn, on the back of a 95% rise in subscriber numbers. EBITDA climbed 57% to US$563mn, while net income grew by 33% over the year to US$247mn. Smaller rival Wataniya saw its revenues grow by 34% over the year to US$316mn, thanks to a 43% increase in customer numbers. At the end of March 2007, the operator had 7.25mn subscribers worldwide to MTC's 29.7mn.

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